Narrow search
Showing 1 - 10 of 83
Cover Image
On the Fast Track to EU Accession : Macroeconomic Effects and Policy Challenges for Estonia
Taube, Günther - 1999
This paper assesses the macroeconomic impact and policy challenges related to Estonia’s prospective accession to the EU …-based illustrative scenario using MULTIMOD. We conclude that the welfare enhancing effects for Estonia of further EU integration are … Estonia’s accession-related adjustment, its fiscal and structural policies should be geared toward mitigating domestic demand …
Persistent link: https://www.econbiz.de/10014400750
Cover Image
Brexit referendum and business investment in the UK
Górnicka, Lucyna - 2018
In this paper I apply firm-level analysis to examine how the Brexit process has affected business investment in the UK. An interaction term of potential trade costs after exiting the EU and a measure of firms' participation in global trade is used as a proxy for firm-level exposure to...
Persistent link: https://www.econbiz.de/10011978381
Cover Image
How does taxation affect hours worked in EU new member states?
Velasquez, Agustin; Vtyurina, Svetlana - 2019
Hours worked vary widely across countries and over time. In this paper, we investigate the role played by taxation in explaining these differences for EU New Member States. By extending a standard growth model with novel data on consumption and labor taxes, we assess the evolution of trends in...
Persistent link: https://www.econbiz.de/10012102041
Cover Image
The euro-area government spending multiplier at the effective lower bound
Amendola, Adalgiso; Di Serio, Mario; Fragetta, Matteo; … - 2019
We build a factor-augmented interacted panel vector-autoregressive model of the Euro Area (EA) and estimate it with Bayesian methods to compute government spending multipliers. The multipliers are contingent on the overall monetary policy stance, captured by a shadow monetary policy rate. In the...
Persistent link: https://www.econbiz.de/10012102056
Cover Image
The negative mean output gap
Aiyar, Shekhar; Voigts, Simon - 2019
We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns than they increase employment during expansions. This is demonstrated in a simple...
Persistent link: https://www.econbiz.de/10012103632
Cover Image
How informative are real time output gap estimates in Europe?
Kangur, Alvar; Kirabaeva, Koralai; Natal, Jean-Marc; … - 2019
We study the properties of the IMF-WEO estimates of real-time output gaps for countries in the euro area as well as the determinants of their revisions over 1994-2017. The analysis shows that staff typically saw economies as operating below their potential. In real time, output gaps tend to have...
Persistent link: https://www.econbiz.de/10012103755
Cover Image
Back to the future : fiscal rules for regaining sustainability in Belize
Cevik, Serhan - 2019
This paper assesses the cyclicality and sustainability of fiscal policy in Belize and applies a stochastic simulation model to determine the optimal set of fiscal rules. The empirical analysis shows that fiscal policy in Belize has been significantly procyclical and unsustainable much of the...
Persistent link: https://www.econbiz.de/10012154706
Cover Image
On bank consolidation in a currency union
Di Vittorio, Fabio; Li, Delong; Yun, Hanlei - 2018
The paper focuses on the impact of diversification on bank performance and how consolidation through mergers and acquisitions (M and A) affects the banking sector's stability in the Eastern Caribbean Currency Union (ECCU). The paper finds that a lower level of loan portfolio diversification...
Persistent link: https://www.econbiz.de/10011852546
Cover Image
Aggregate stability and balanced-budget rules
Ghilardi, Matteo F.; Rossi, Raffaele - 2014
Persistent link: https://www.econbiz.de/10010389578
Cover Image
Bunching at 3 percent : the Maastricht fiscal criterion and government deficits
Caselli, Francesca; Wingender, Philippe - 2018
This paper estimates the effects of the Maastricht treaty's fiscal criterion on EU countries' general government deficits. We combine treatment effects methods with bunching estimation, and find that the 3 percent deficit rule acts as a 'magnet', increasing the number of observations around the...
Persistent link: https://www.econbiz.de/10011905895